Ask The Experts: Money Matters

By Mike Miles

Divorce and taxes on TSP

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Q. In the divorce proceeding, I have to give my ex-spouse 57 percent of my Thrift Savings Plan, which is about $128,000; 57 percent of my pension comes out to $2,800 monthly.

When the money is withdrawn from my TSP, is it taxable? If so, how much? Is the tax withdrawn before he gets it? Or does he have to file taxes at the end of the year? He is 64 years old. We live in Pennsylvania.

A. I can’t give you tax advice since I’m not a CPA. I suggest you check Page 3 of the notice at https://www.tsp.gov/PDF/formspubs/tsp-536.pdf and consult a qualified tax adviser in your state.

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